Today, June 14th, the U.S. jobless claims weekly update was published; according to the recent weekly report, the number of initial claims rose for the week ending on June 9th; the total initial claims rose by 6k and settled at 386,000 claims (seasonally adjusted data), which is higher than the revised figure of 380k claims from last week; the four week average rose to 382,000; the insured unemployment rate remained unchanged at 2.6% for the week ending on June 2nd; the number of insured unemployment reached 3,278 thousand, a decrease of 33,000 compared with the previous week’s numbers. Finally, the four week average increased by 2,500 to 3,281 thousand.
This news might have some moderate effect on the U.S dollar currency: seeing that it has slightly depreciated in recent days (against the Euro) this news might further pull down the USD during today’s trading.
Thus, this report might continue the recent decline in the U.S dollar and consequently may positively affect precious metals prices.
Currently the U.S. dollar is moderately depreciating against many major currencies.
Euros to USD is at 1.2598 as of 18:06*.
British Pound to U.S. dollar is traded at 1.5526 a 0.14% increase as of 18:06*.
Current gold price (July 2012 delivery) is traded at $1,621 per t oz. a $2.5 increase as of 18:06*.
For more on this subject: